Housing

Victoria is in its worst housing crisis since the Great Depression. This crisis is the direct result of respective governments neglecting housing despite being entirely aware of the sectors proliferating state of disrepair. Current housing minister Harriot Shing is not only complicit in this crisis, but actively an enabler, allowing her friends in big financial and real estate firms to profit from the suffering of the rest of the city.

Couldn't have put it better myself:

Powerful financial actors have done a great job at framing themselves as the solution to, rather than the cause of, the prevailing crisis. They have incessantly pushed the now-dominant narrative that more real estate investment is a good thing because it will increase the supply of much-needed homes. Blackstone, for example, claims to play a “positive role in addressing the chronic undersupply of housing across the continent”. But the evidence suggests that greater involvement of financial markets has not increased aggregate home ownership or housing supply, but instead inflated house prices and rents.

The thing is, institutional investors aren’t really into producing housing. It is directly against their interests to significantly increase supply. As one asset manager concedes, housing undersupply is bad for residents but “supportive for cashflows”. Blackstone’s president famously admitted that “the big warning signs in real estate are capital and cranes”. In other words, they need shortages to keep prices high.

Where corporate capital does produce new homes, they will of course be maximally profitable. Cities such as Manchester, Brussels and Warsaw have experienced a proliferation of high-margins housing products such as micro-apartments, build-to-rent and co-living. Designed with the explicit intention of optimising cashflows, these are both unaffordable and unsuitable for most households. Common Wealth, a thinktank focusing on ownership, found that the private equity-backed build-to-rent sector, which accounts for 30% of new homes in London, caters predominantly to high-earning single people. Families represent just 5% of build-to-rent tenants compared with a quarter of the private rental sector more broadly. These overpriced corporate appendages are a stark reminder of the market’s inability to deliver homes that fit the needs and incomes of most people.

[…]

In recent decades we have been living through an ever-intensifying social experiment. Can housing, a fundamental need for all human beings, be successfully delivered under the machinations of finance capitalism? The evidence now seems overwhelming: no.

As investors have come to dominate, so the power of residents has been systematically undermined. We are left with a crisis of inconceivable proportions. While we can, and should, point the finger at corporate greed, we must remember that this is the system working precisely as it is set up to do. When profit is the prevailing force, housing provision invariably fails to align with social need – to generate the types of homes within the price ranges most desperately required. In the coming years, housing will occupy centre stage in European politics. Now is the time for fundamental structural changes that reclaim homes from the jaws of finance, re-empower residents and reinstate housing as a core priority for public provision.

Housing Lawyer and author Nick Bano came by JOE Towers to chat about his new book Against Landlords: How to Solve the Housing Crisis which is out now. In this conversation we chat about Britain's housing setup, how is set up to create winners and losers and how to end the age of the landlord.

Some nice infographics based largely on census data, provided as a turnkey service for local government.

The 2025 Rental Affordability Snapshot surveyed rental listings across Australia and found that affordability has crashed to record lows. The Snapshot surveyed 51,238 rental listings across Australia and found that:

   352 rentals (0.7%) were affordable for a person earning a full-time minimum wage
   165 rentals (0.3%) were affordable for a person on the Age Pension
   28 rentals (0.1%) were affordable for a person on the Disability Support Pension
   3 rentals (0%), all rooms in sharehouses, were affordable for a person on JobSeeker
   No rentals were affordable for a person on Youth Allowance.

In response to the findings, Anglicare Australia is calling on the Government to return to directly funding and providing housing itself, instead of leaving housing to the private sector. Anglicare Australia is also calling on the Government to wind back landlord tax concessions.

Ooh. This is really nice.

The annual rental affordability index (RAI) report is an easy-to-understand indicator of rental affordability relative to household incomes. Since its establishment in 2015, it has become a crucial tool for policymakers. It helps track rental affordability trends and informs evidence-based policy decisions – highlighting nuances between places and the experiences of disadvantaged households. To produce the Index each year, we work closely with our partners: National Shelter and Beyond Bank. 

Pissweak:

The study authors said the effects of decades of underinvestment in the social housing sector were gradually being reversed as state and federal governments looked to ease the housing crisis.

Dr Martin said the renewed focus on the sector posed an opportunity to deliver housing support differently.

“It may not always be about the golden ticket of a social housing tenancy, even though that’s what a lot of people will rightly want and need,” he said.

His examples included additional assistance to very low-income households in the private market and a bigger focus on individual housing needs.

Queensland recently reported an average wait time of about 21 months for high-needs households moving into government-owned social housing.

In Victoria, priority households face a wait of about 18 months. The wait for a two-bedroom property in inner-city Sydney is 10 years or more.

“We do need a more person-centred approach,” Ms Toohey said.

“We can integrate choice-based letting where people can search for their own social housing properties, or have a system whereby we check in on people on the list and see if there’s any other housing assistance you can provide.”

This report provides data and insights about social housing need across Victoria and models social housing growth targets required to meet expressed demand and total demand. These growth targets are based on a set of housing scenarios, policy scenarios and distribution scenarios. The method is detailed in the body of this report.

All data, insights and analysis, and modelling in this report has been produced by SGS Economics and Planning for the Victorian Housing Peaks Alliance.

While the government has housing targets for the private market, there are no strictly defined social housing targets.

"In Victoria, the current proportion of social housing is 3.1 per cent. After the Big Housing Build, it will be about 3.5 per cent — still well under the national average of 4.5 per cent (which itself isn't enough to meet demand)," the report notes.

"In order to catch up to the national average of 4.5 per cent social housing stock, Victoria needs to build 7,990 new social housing dwellings a year for the next 10 years."

Without building 7,990 new social dwellings each year for the next decade, Victoria's proportion of social housing would drop to about 2 per cent by 2051, the report forecasts.

The report also notes its target is "modest", with modelling showing the state would need to build 10,700 social housing dwellings a year for the next decade to meet "expressed demand" for social housing — enough to house those on the social housing waitlist as well as those currently receiving social housing assistance.

To meet the total demand for social housing — enough for all Victorians who need assistance, including those who haven't formally requested it — the state would need to build 27,900 social dwellings a year.

WTF? I don't get it.

Three federal lawmakers are calling on the U.S. Department of Housing and Urban Development to stop any initiatives involving cryptocurrency and the blockchain, saying the scantly regulated technologies should be kept far away from the agency’s work overseeing the nation’s housing sector.

[…]

The letter is a response to reporting by ProPublica that the housing agency recently discussed taking steps toward using cryptocurrency. The article described meetings in February in which officials discussed incorporating the blockchain — and possibly a type of cryptocurrency known as stablecoin — into the agency’s work. The discussion at one meeting centered on a pilot project involving one HUD grant, but a HUD finance official in attendance indicated the idea could be applied much more expansively across the agency.

“We are looking at this for the entire enterprise,” he said in that meeting, a recording of which was obtained by ProPublica. “We just wanted to start in CPD,” he added, referring to HUD’s Office of Community Planning and Development. The office administers billions of dollars in grants to support low- and moderate-income people, including funding for affordable housing, homeless shelters and disaster recovery, raising the prospect that these forms of aid might one day be paid in an unstable currency.

[…]

The HUD official pushing the idea internally was Irving Dennis, the agency’s new principal deputy chief financial officer, a staffer said at one of the meetings. Dennis denied to ProPublica that HUD was considering any such experiment. He published a book in 2021 in which he wrote that HUD should use the blockchain.

The blockchain is a digital ledger most commonly used to record cryptocurrency transactions. Boosters of the technology depict it as a way to cut middlemen such as banks out of financial transactions and to make those transactions more transparent and secure. One such evangelist is Robert Judson, an executive at the consulting firm EY, who is listed in a document obtained by ProPublica as an attendee of one of the HUD meetings. Judson has written glowingly about the potential of blockchain to prevent aid money from being misused. (Dennis was previously a partner at EY.)